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Toy Limits

Valued Contributor

Re: Toy Limits


 


So having too few is worse than having too many?

 

I was thinking that if i applied they would see the low limts cards and think this guy already has 9 open TLs, why does he need more?

 

If i close three of the original ones that would leave me with 6 open TLs, is that about right?


absolutely, there are only a few rare occausions when people are denied with too many cards with low UTL.

 

I currently have 18 open TL's on my credit report and a  675 FICO and 14% UTL,  I have no doubt that I would be approved for any low end card that I applied for instantly. My last four apps were all approved instantly. You will get denied for many prime cards with a 740 Fico if you have only one card reportng unless its very old. 

Cards: Chase Southwest 20k & CSR 10k & CSP 10k & Freedom 6.6k & Amtrak/Freedom 4.6k, FNBO DISC 25.1k Oregon Duck 5k, & AMEX BCP 15k & Hilton Surpass 7.5k & Delta Gold 6k & Zync NPSL, Fidelity AMEX 17k Commerce5.9k & Cash Forward 7.5k & Sams Club MC 10k, Paypal Extras MC 7.5k, CapOne Venture 15k, QS 2.5k, QS 750, Amazon 5.9k, Walmart 10k, Citi Simplicity 9k, Discover IT 16k and a nice stack of store cards.
Last APP/HP 5/15/2017 Marcus Loan. 30k
Message 11 of 27
Moderator

Re: Toy Limits


jamesdwi wrote:

 


So having too few is worse than having too many?

 

I was thinking that if i applied they would see the low limts cards and think this guy already has 9 open TLs, why does he need more?

 

If i close three of the original ones that would leave me with 6 open TLs, is that about right?


absolutely, there are only a few rare occausions when people are denied with too many cards with low UTL.

 

I currently have 18 open TL's on my credit report and a  675 FICO and 14% UTL,  I have no doubt that I would be approved for any low end card that I applied for instantly. My last four apps were all approved instantly. You will get denied for many prime cards with a 740 Fico if you have only one card reportng unless its very old. 


There's a world of difference between 3 credit cards reporting vs. 1... let alone the six he's talking about.

 

OP: 6 is right around the American average I suspect, go ahead and close 3 if you wish it's not going to matter to your number of open tradelines.  Also 18 revolving tradelines would be considered excessive by the vast majority of lenders, the OP has the right idea: if you're not using many of those cards substantially, what's to say you'd use that new tradeline a lender might grant you?

 

A whole bunch of tradelines certainly establishes one as a statistical outlier, and that's not really a place anyone wants to be in the eyes of a lender... with the corner case exception of fractional top percent earners / spenders.

 

 

Starting Score: EQ 5 561, TU 98 567, EX 2 599 (12/30/11)
Current Score: EQ 5 771, TU 4 758, EX 2 758, EQ 8 795, TU 8 762, EX 8 786 (7/28/17)
Goal Score:    EQ 5 750, TU 4 750, EX 2 750, EQ 8 800, TU 8 Blah, EX 8 800 (01/01/18)


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Message 12 of 27
Established Contributor

Re: Toy Limits

I closed all my toy cards. after I closed them I received a $5000 card immediately. I do think closing toy cards helps get you bigger limits.
Experian® 808/Equifax® ?/TransUnion® 810
Baddies Experian® clean/Equifax® 1/TransUnion® Clean
Last CLI 6-13-2013
Total Credit $121,190.00
Goal 780!
Message 13 of 27
Valued Contributor

Re: Toy Limits

what do you consider a Toy Limit?

Chase Sapphire Perferred | Chase Freedom | AMEX Platinum | AMEX Delta Platinum | AMEX SPG | Capital One Venture | Capital One Quicksliver | Discover IT | ABFCU Visa | Citi AA WEMC
Message 14 of 27
Mega Contributor

Re: Toy Limits

I would think anything under 1k is a toy limit.



EQ FICO 548 3/3/16
Message 15 of 27
Valued Contributor

Re: Toy Limits

I say anything under $5k is toy....    Smiley Very Happy

Ray

** Every Card has a Job, and Every Card does its Job **
Message 16 of 27
Valued Contributor

Re: Toy Limits


RockinRay wrote:

I say anything under $5k is toy....    Smiley Very Happy


BALLER

Chase Sapphire Perferred | Chase Freedom | AMEX Platinum | AMEX Delta Platinum | AMEX SPG | Capital One Venture | Capital One Quicksliver | Discover IT | ABFCU Visa | Citi AA WEMC
Message 17 of 27
Established Contributor

Re: Toy Limits

under 1k definitely and maybe even 2000.

Fico Scores: . Walmart TU 748 . Garden 8/19 2014 .

Cap One Journey 500 | Discover IT 500 | GE Home Design 5.6k | GE HHGREGG 5k | Amex Zync NPSL | Amex BCE 6k | Citi Forward 4.2k | Citi Dividend 3k | GE BrandsMart 1k | GE Lowes 8.5k | Discover Walmart 7.5k | Barclays Apple 2.5k | BoA CR 2.7k | CSP 7.2k | Platinum Prestige 5k | IT Chrome 4k | Slate 2.3k |
Message 18 of 27
Established Contributor

Re: Toy Limits

Unless your scores are over 700, firmly in prime territory, you should not go closing out all your rebuilder cards (re: toy limit cards) because guess what? YOU"RE STILL REBUILDING. So keep them because they are helping you more than hurting you. You may feel that you deserve better or that you are 'above' these low limit cards, but much like hanging out with nerds, you will be better off with them until you can get better.

AMEX SPG $30K | Citi TY Premier $20k | PenFed PlatRewards $25k | Barclay Arrival+ 40k | Chase Freedom $20k | BofA AMEX $15k | Discover IT $20k | | NASA Platinum-Advantage $20k | CapOne Quicksilver $15k | Amazon Card $10k |

My Journey from Sub-600s:
Message 19 of 27
Valued Contributor

Re: Toy Limits


ryanbush wrote:

RockinRay wrote:

I say anything under $5k is toy....    Smiley Very Happy


BALLER


LOL - had to say it!  Smiley Tongue

Ray

** Every Card has a Job, and Every Card does its Job **
Message 20 of 27